LAGOS — Banks' placements at the Central Bank of Nigeria's Standing Deposit Facility fell by N941.85 billion in one day, from N4.70 trillion on 6 October to N3.76 trillion on 7 October. The drop followed an open market operations auction on 6 October in which the CBN offered N2 trillion and received bids of N3.51 trillion, allotting N3.31 trillion. The 182-day bill cleared at 16.92 per cent. The overnight lending rate rose 25 basis points to 22.2 per cent. The CBN cut its policy rate by 350 basis points to 23 per cent on 22 September.